How Invictus Energy’s $500M AMH Deal Could Unlock Zimbabwe’s Gas Potential

Strategic Milestone – National Project Status and PPSA Agreement

Invictus Energy has taken a significant step forward in developing its Cabora Bassa Basin gas project in northern Zimbabwe. During the September quarter, the company finalised the terms of its Petroleum Production Sharing Agreement (PPSA), providing a clear and stable framework for project development. Complementing this, the Zimbabwe Finance Minister officially granted the project National Project Status (NPS), a designation reserved for ventures deemed critical to the country’s economic growth. This status unlocks a suite of fiscal incentives, including duty exemptions and expedited permitting, which will streamline Invictus’s path toward commercial production.

Exploration License Renewals and Resource Potential

Invictus’s Exclusive Prospecting Orders (EPOs) 1848 and 1849 were renewed for an additional three years, securing the company’s dominant 360,000-hectare footprint in the basin. These licenses cover prolific geological plays with prospective resources estimated at several trillion cubic feet of gas and hundreds of millions of barrels of condensate and oil. While these figures remain prospective and subject to further appraisal, they underscore the basin’s substantial potential and Invictus’s strategic positioning.

Musuma-1 Drilling Campaign – Unlocking New Resources

Building on its 2023 Mukuyu gas-condensate discovery, Invictus is advancing plans for the Musuma-1 well, located outside the central fairway. This high-impact exploration well targets an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate, based on strong seismic hydrocarbon indicators. Preparations are well underway, including well design, civil works, and rig mobilization, with spudding anticipated in the first half of 2026. Success at Musuma-1 could significantly expand the resource base and elevate the project’s commercial prospects.

Transformational Partnership with Al Mansour Holdings

In a landmark corporate development, Invictus signed a binding memorandum of understanding and share subscription agreement with Qatar-based Al Mansour Holdings (AMH). AMH will acquire a 19.9% stake in Invictus for AU$37.8 million and commit up to US$500 million in future funding to advance the Cabora Bassa Project. The partnership also includes the formation of a joint venture, Al Mansour Oil & Gas (AMOG), aimed at acquiring producing and near-term development assets across Africa. This strategic alliance not only provides Invictus with substantial financial backing but also positions it as a regional operator and consolidator in the African energy sector.

Financial Position and Outlook

Invictus reported exploration expenditure of AUD 0.97 million for the quarter and ended with cash reserves of AUD 6.43 million, providing an estimated 2.9 quarters of funding at current burn rates. While the AU$37.8 million placement to AMH was deferred to December 2025 to align with AMH’s broader investment strategy, the company remains well-capitalized to execute its near-term work program. The upcoming drilling campaign and the execution of the PPSA and funding agreements will be critical catalysts for the stock and project valuation.